Tesla fell 5%—not because its earnings were bad,
but because it’s no longer willing to spend
Q3 capex guidance was cut from $25B to $20B
A $5 billion cut in one stroke
First, the earnings themselves
Revenue was $28.046B, basically flat and slightly below expectations
Adjusted EPS was $0.48, above expectations
Gross margin rebounded from 16.8% to 19.6%
Free cash flow was $1.53B, also above expectations
So what’s the problem?
GAAP net income was $787M, down 43% year over year
Operating margin fell from 5.8% to 2.6%
Deliveries were 486,500 vehicles, down 2% year over year
This is what the market is really worried about
Cutting capex is like hitting the brakes on AI and robotics
Wall Street wants spending that buys the future
Tesla has chosen to save money and protect the present
Those two narratives can mean a twofold difference in valuation
One more variable
Musk has publicly backed the merger; Reuters says it could make a SpaceX deal more complicated
That limits the upside potential
As for trading
Around $372 premarket
If $365 breaks, watch $350—strong support
Resistance on a rebound: $390
Don’t chase a short based on premarket sentiment
The earnings beat the numbers
But lost the story 👀
$TSLA
#TeslaDown5PercentPremarket #美股
but because it’s no longer willing to spend
Q3 capex guidance was cut from $25B to $20B
A $5 billion cut in one stroke
First, the earnings themselves
Revenue was $28.046B, basically flat and slightly below expectations
Adjusted EPS was $0.48, above expectations
Gross margin rebounded from 16.8% to 19.6%
Free cash flow was $1.53B, also above expectations
So what’s the problem?
GAAP net income was $787M, down 43% year over year
Operating margin fell from 5.8% to 2.6%
Deliveries were 486,500 vehicles, down 2% year over year
This is what the market is really worried about
Cutting capex is like hitting the brakes on AI and robotics
Wall Street wants spending that buys the future
Tesla has chosen to save money and protect the present
Those two narratives can mean a twofold difference in valuation
One more variable
Musk has publicly backed the merger; Reuters says it could make a SpaceX deal more complicated
That limits the upside potential
As for trading
Around $372 premarket
If $365 breaks, watch $350—strong support
Resistance on a rebound: $390
Don’t chase a short based on premarket sentiment
The earnings beat the numbers
But lost the story 👀
$TSLA
#TeslaDown5PercentPremarket #美股